Ever since Prime Minister Narendra Modi announced demonetisation of higher old currency notes, Paytm has been exploiting the opportunity at a breakneck speed to capture and disrupt a large part of the market with its e-wallet.
Recently, the online payments company launched a feature for its mobile wallet app that allows shopkeepers to accept payments via credit cards and debit cards. The app was an immediate hit amidst much fanfare. This latest feature is supposed to eliminate the need for a physical point-of-sale (PoS) terminal or a card swipe machine.
Recently, the online payments company launched a feature for its mobile wallet app that allows shopkeepers to accept payments via credit cards and debit cards. The app was an immediate hit amidst much fanfare. This latest feature is supposed to eliminate the need for a physical point-of-sale (PoS) terminal or a card swipe machine.
Point-of-sale (PoS) system allows merchant transaction via credit and debit cards. The POS component interacts with the Card component to obtain necessary credit card information to complete a sale. Hence with Paytm's new App POS, merchants will be able to accept debit and credit cards using the App without having to buy a card swipe machine.
Paytm’s POS is limited to those merchants who have a smartphone, a working Internet connection and the app
It is quite simple to use this app:
* After generating the bill, the shopkeeper will give his/her smartphone to the customer to enter the card details.*After a user has a typed in their card details, Paytm takes them to the bank’s website for the two-factor authentication* Customer will then get an OTP (One Time Password) on their device.* The generated OTP will have to be entered in the shopkeeper's device. Thus, the transaction is complete.* Essentially, a user will have to rely on the bank’s network for the transaction to get through.
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